Newsletters

INTRODUCTION The Finance Act, 2020 (the Act) was signed into law by President Muhammadu Buhari on 31st December, 2020. The objectives of the Act include reforming Nigerian tax laws to align with global best practices, supporting small businesses in line with the ongoing ease of...

Background On November 13, 2020, President Muhammadu Buhari assented to the Banks and Other Financial Institutions Act (BOFIA) (amendment) Bill 2020. This action effectively repeals BOFIA 2004 and enacts BOFIA 2020. The legislation provides a more stringent regulatory regime,...

Background The signing into law of the Companies and Allied Matters Act 2020 (CAMA 2020) in August 2020 by President Muhammadu Buhari is generally believed by various stakeholders to be a positive development for businesses in Nigeria. The government has been keen on improving...

BACKGROUND The President of the Federal Republic of Nigeria, Muhammadu Buhari, signed into law the Companies and Allied Matters Act, 2020 (the “Act” or “New CAMA”) on the 7th of August, 2020. The Act repeals the Companies and Allied Matters Act, 1990, which had been in force...

BACKGROUND Value Added Tax (“VAT”) is a consumption tax that is levied at the rate of 7.5% on the supply of all goods and services that are backed by consideration except for those goods and services specifically exempted under the VAT Act as amended. Part I and II of the First...

Background The President of the Federal Republic of Nigeria, President Muhammadu Buhari, recently presented the Nigerian Tax and Fiscal Law (Amendment) Bill, 2019 (the Finance Bill) to the National Assembly for consideration and passage into law. The Finance Bill has been...

Background On the 19th of August, 2019, Nigerian Electricity Regulatory Commission (NERC) issued minor tariff reviews (“2016 – 2018 Minor Review Order”) to the Multi-Year Tariff Order 2015-2024 (MYTO 2015), to take into consideration the impact of macroeconomic variables on the...

COVID-19 and Implications of Force Majeure Claims in Contractual Arrangements  Introduction  The sudden and unexpected emergence of the coronavirus (COVID-19 or Virus) pandemic has greatly disrupted the global economy. Countries around the world have imposed travel bans,...

BACKGROUND On 14th January, 2020, President Muhammadu Buhari signed the Finance Act, 2019 (the “Finance Act”) into law. The Finance Act made radical   changes to several provisions of Nigerian tax laws, including the Value Added Tax Act, Cap V1, Laws of the Federation of...

Introduction The Federal Ministry of Works, Power and Housing (MOP) recently issued the following documents: the Power Sector Policy Statement (the Policy Statement); the Power Sector Recovery Plan Policy Statement (the PSRP Policy) and the Power Sector Policy Directives and...

Background  Marginal fields in the petroleum industry are fields which have remained unattended for a period of more than ten (10) years, from the date of first discovery of petroleum products or such fields as the President may, from time to time, identify as being a Marginal...

Introduction The Federal Ministry of Works, Power and Housing (MOP) recently issued the following documents: the Power Sector Policy Statement (the Policy Statement); the Power Sector Recovery Plan Policy Statement (the PSRP Policy) and the Power Sector Policy Directives and...